Tag: COVID recovery

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Universities support North East’s economic recovery: START UP at Newcastle University

Universities have a vital role to play in helping the North East economy recover from the coronavirus pandemic.

The work being delivered by North East universities is supporting new and existing businesses to innovate and grow, and shaping and supporting a more sustainable and inclusive economy.

Durham University, Newcastle University, Northumbria University, University of Sunderland and Teesside University are all members of the North East COVID-19 Economic Response Group, which was established by the North East Local Enterprise Partnership at the beginning of the coronavirus pandemic to provide business resilience and ensure a collective response to the economic impact of COVID-19 on the North East economy.

Below is a case study about Newcastle University’s START UP offer, with a focus on the impact student and graduate businesses it supports are having within the region, and how they are responding to the COVID-19 crisis.

Newcastle University is ranked Top 5 in the UK for graduate entrepreneurship based on start-up turnover and investment raised. Based on average investment per start-up, the University is ranked Top 10 in the UK for scalable graduate start-ups and has generated the most investable graduate start-ups in the North East.

START UP is an equity-free support system for Newcastle University students and graduates up to three years and includes START UP Founderships, a pre-accelerator programme to ready the individual and their businesses for market entry, investment and success.

There are currently 203 START UP-supported businesses trading with a combined annual turnover of close to £60 million. Between them, they’ve raised over £19 million in external investment, won national and global awards and created 695 full-time equivalent jobs.

*All rankings and statistics from HE-BCI Survey 2018-19.

Over 70% of these businesses have remained in the North East, many of which recruit within the region, such as One Utility Bill, Nebula Labs and My Healthcare Recruit. Many the businesses are securing impressive investment figures.

In September 2020, Equiwatt raised over £300,000 to roll-out its innovative, energy-efficient app and create four new jobs in Newcastle. A month prior, Tea Ventures Ltd (NovelTea) welcomed 1,000 investors onboard as part of a crowdfund campaign that raised £577,000 to advance its plans to break into the US market, and in December, gained a further £1.4M investment for expansion and job creation.

Many of the START UP founders are persevering or finding ways to pivot despite challenges posed by the COVID-19 crisis. Some have received grant support through Newcastle University’s partnership with Santander Universities UK to help them survive and thrive in 2020, and others are applying to a newly launched fund of £40,000.

“Last year with Santander Universities, we launched a Covid-19 Fund to help our START UP community adapt in response to the global crisis, supporting some businesses to scale in order to meet new demand. This new Fund is about stimulating and supporting the next wave of entrepreneurs and changemakers who will have a critical role to play in our economic and social recovery” said Claire Adamson, START UP Manager, Newcastle University. “It is also about making visible and celebrating the individuals joining the growing community of Newcastle University students and graduates who have created their own graduate jobs as well as employment opportunities for others”, she added.

Santander Universities has been in partnership with Newcastle University since 2009 and has provided close to £1.7M to the University, with £189k appointed to enterprise activities.

Matt Hutnell, Director, Santander Universities, says: “Santander is committed to supporting higher education as well as local communities across the UK. We’re proud of our partnership with Newcastle University and we’re delighted to support their new Start Up Fund which will enable many more budding entrepreneurs to thrive, particularly during this challenging time.”

To find out more about START UP, visit www.ncl.ac.uk.

Click here to read more about how universities in the region are playing a central role in supporting the region to recover from the coronavirus pandemic.

Click here to read more about the North East COVID-19 Economic Response Group.

Home / COVID recovery

New business survey launched to assess impact of EU exit and coronavirus pandemic in the North East

The beginning of 2021 has been a challenging start to the year for many businesses. England entered another national lockdown at the end of December, and the UK’s exit from the EU on 31 December brought new rules and regulations impacting all businesses that operate in the European Union.

Because of this we have launched a brand new survey on the North East Growth Hub to find out how our region’s businesses have been impacted by the UK’s new trading agreement with the EU, and the ongoing coronavirus pandemic. We want to find out what preparations, planning and changes organisations have been able to make during this very difficult time.

All the information shared with us will be fed back to government, ensuring North East businesses get the help and support they need.

One of the main things we want to understand is how the UK’s exit from the EU – and its new trading agreement with the bloc – has affected businesses in the North East. We know from previous surveys that many regional businesses had not prepared for the new rules, which came into force on 01 January this year. We’d like to know what the impact has been in areas such as customs procedures, paperwork relating to imports and exports, supply chain disruption, and data storage and transfer. We are also keen to know if this has opened up any new opportunities for businesses.

The coronavirus pandemic continues to be the main concern for most businesses in the North East. A large proportion of our region’s businesses have been forced to close because of the new national lockdown, and business owners have to – once again – look to new, innovative ways to engage with their customers.

Through this new survey we’d like to understand what measures businesses have taken to shield some of the impact of COVID-19; whether that’s been through stockpiling, furloughing staff, adopting new technologies, or introducing new products and services.

We’d also like to know if businesses plan to retain any of the changes they’ve made after we emerge from the pandemic, for example, remote working, or a greater focus on online retail.

Businesses can also let us know if they have benefitted from any of the government’s financial interventions, including the Coronavirus Job Retention Scheme, Bounce Back Loans, and grant payments. Importantly, we’d like to know from businesses if they think some of these measures should continue.

The final part of the survey focuses on business resilience. We know many North East businesses have made huge changes to adapt to our current situation, and we’d like to know the type of measures businesses have introduced. It could be a greater investment in IT and digital, more focus on crisis planning, investing in staff training, or introducing e-commerce. Whatever changes businesses have made, we’d like to know what they are and how effective they’ve been.

All the information we gather through this new survey will help us deliver the right support, to the right businesses, at the right time. The survey takes approximately 10 minutes to complete and all the information supplied will be treated confidentially.

You can access the Understanding how EU Transition and COVID-19 is impacting your business survey via this link.

Thank you in advance for sharing your feedback. If you have any questions about the survey you can contact us by emailing [email protected].

And do please remember that North East businesses looking for free, impartial, one-to-one business support and advice can book an appointment with our Growth Hub Connectors via www.northeastgrowthhub.co.uk. The Growth Hub Connect team can guide you through the business support, and finance and funding available to help your business thrive in 2021.

By Emma Ward, Research and Evaluation Manager at the North East Local Enterprise Partnership.

Home / COVID recovery

Universities support North East’s economic recovery: Innovation Northumbria: Incubator

Universities have a vital role to play in helping the North East economy recover from the coronavirus pandemic.

The work being delivered by North East universities is supporting new and existing businesses to innovate and grow, and shaping and supporting a more sustainable and inclusive economy.

Durham University, Newcastle University, Northumbria University, University of Sunderland and Teesside University are all members of the North East COVID-19 Economic Response Group, which was established by the North East Local Enterprise Partnership at the beginning of the coronavirus pandemic to provide business resilience and ensure a collective response to the economic impact of COVID-19 on the North East economy.

Below is a case study from Northumbria University about it’s new Innovation Northumbria: Incubator, which supports its flourishing community of student and graduate start-ups, and provides opportunities for business partners to offer mentoring and financial backing.

Opened in October 2019 next to the University’s main campus, the state-of the-art facility provides high-quality support for student and graduate entrepreneurs, giving them the best possible opportunity to establish and grow thriving businesses.

The initiative has already received financial support from Santander Universities UK, Sir James Knott Trust, North East Times Magazine, Space Group and the North East LEP.

Northumbria is looking for additional support to set up an Enterprise Club, where members can offer pro-bono advice and expertise, and an Enterprise Fund through which they can pledge financial support to help fledgling start-ups develop proof-of-concept and feasibility business plans.

The initiative reinforces Northumbria’s reputation as a university that champions enterprise and innovation through its teaching, and the support it offers start-ups through the Student and Graduate Enterprise Service. Pioneering courses such as Entrepreneurial Business Management – where students run their own businesses – and the student-led consultancy service delivered on the Business Clinic programme, have also established Northumbria as a leader in entrepreneurial education.

The University has been ranked in the top three for graduate start-ups in the UK – based on estimated turnover – since 2011, including five years in first place. Businesses developed by Northumbria graduates had an estimated turnover on £84 million in 2018/19.

Since 2009, Northumbria has supported the development of nearly 300 new businesses which have led to the creation of more than 1,000 jobs, the vast majority of which are in the North East.

To find out more about the Innovation Northumbria: Incubator visit www.northumbria.ac.uk/incubatorlaunch.

Click here to read more about how universities in the region are playing a central role in supporting the region to recover from the coronavirus pandemic.

Click here to read more about the North East COVID-19 Economic Response Group.

Home / COVID recovery

Proposed recovery and renewal deal for post-COVID North East published

North East COVID-19 Economic Response Group outlines proposals to transform and reimagine the North East economy

The North East COVID-19 Economic Response Group has published its Recovery and Renewal Deal for the North East, which outlines how a thriving post-pandemic economy could potentially be created.

The group is made up of the North East Local Enterprise Partnership (LEP), CBI, North of Tyne and North East Combined Authorities with the support of industry, to ensure the North East has strong economic leadership that acts quickly and collaboratively to mitigate the impacts of COVID-19.

Its proposal reflects on COVID-19 as a catalyst for change and details how the North East is ready and prepared to harness this catalyst to reinvigorate the North East economy.

The document sets out how, with the necessary support from the government, the North East could maximise opportunities to reach a goal of rapidly creating 100,000 good quality and secure jobs.

In the Recovery and Renewal Deal for the North East, the Group is asking the government for £2.8bn to directly unlock half of required 100,000 additional jobs quickly. It also wants accelerated confirmation of existing business cases, including Transforming Cities funding; a commitment to joint working in areas where the North East can lead the national recovery, specifically low carbon energy; and flexibility within national programmes to allow for maximum leverage of local and national resources.

It is envisioned that this would keep people in jobs and training, support businesses and sectors to restart and recover, and support the transition of our communities and places as they adapt to living with COVID-19.

In the long-term, the deal sets out how our future economy can be built by maximising the potential of our existing assets and exploring new opportunities and by investing in digital and transport connectivity.

Opportunities identified in the document include a series of new projects to empower our rural and coastal areas and reinvigorate our town and city centres; achieving zero carbon emissions targets; utilising new digital construction and advanced manufacturing techniques; leading the national offshore wind revolution; and delivering the first digitally-connected Freeport for the UK.

The proposals give particular focus to jobs in the key areas of data ageing, low carbon, life sciences and pharma. This will help the transition to a stronger, higher-productivity and higher-wage economy, with people primed to adapt to challenges and new opportunities.

Lucy Winskell, Chair of the North East LEP, said: “The Recovery and Renewal Deal for the North East is an ambitious proposal that is designed to create a fair playing field for everyone.

“Through our Strategic Economic Plan, it was our goal to create 100,000 new and better jobs and we were doing well – with 68,000 more jobs in March 2020. But the impact of COVID-19 will reset that, which is why our Recovery and Renewal Deal is so important.

“We have presented a proposal that puts sustainability and decarbonisation at the core. The Recovery and Renewal Deal ensures communities continue to improve and provide a strong offer for people to live, work, study and visit.”

Sarah Glendinning, Regional Director for the CBI North East, said: “Now more than ever we need to be imaginative in our thinking, brave in our approach and robust in our delivery in order to recover and thrive.

“In the Recovery and Renewal Deal for the North East, we have suggested the way to a new North East. Now is the time to come together to think bigger, greener, more inclusively and with innovation to reimagine our economy.”

Mayor Jamie Driscoll, North of Tyne Combined Authority said: “The pandemic has hit people hard. Young people need jobs. Businesses need investment. Yet we have the potential to be world leaders in offshore energy, advanced manufacturing, and sustainable transport.

“Our Recovery and Renewal deal will create 100,000 well paid jobs. It supports more affordable homes and better health. It’s what our region needs, and I want central government to back our plan and back the North East.”

Councillor Iain Malcolm, Chair, North East Combined Authority, said: “It is vital that we have a strong plan in place to help our businesses and communities to recover from this unprecedented crisis.

“The Recovery and Renewal Deal for the North East builds on the work we are already doing with government and other partners nationally and regionally to unlock all available support and financial assistance and sets out a bold vision for future prosperity.”

A dedicated North East COVID-19 Response Group web page has been launched for those looking for more information and partners wanting to engage with its work.

North East businesses can also access the North East Growth Hub, where a COVID-19 (coronavirus) toolkit provides the most up to date support and advice, including partner information.

Read the Recovery and Renewal Deal for the North East here.

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New programme brings North East businesses together for economic recovery

Businesses in the North East are being invited to join a new business network programme which aims to help companies recover from the impact of COVID-19.

The Peer Networks programme will bring small cohorts of businesses together to support each other, work through common issues, and benefit from one-to-one coaching on a range of topics.

The programme is part of the government’s national COVID-19 response and up to 34 sector-specific networks will be formed in the North East, catering for businesses in a range of areas, from leisure and hospitality to advanced manufacturing.

Colin Bell, Director of Business Growth at the North East Local Enterprise Partnership (LEP), explains: “We know that many businesses in our region continue to be hit hard by the pandemic and this is a way for us to support businesses to develop a robust recovery plan.

“Whether it’s finding new ways of attracting and selling to customers, supporting staff, or learning how to use digital technology in new ways, businesses will be able to learn from others who have faced that same problem and make sure that they’re in the best possible position as our economy starts to recover from the effects of the pandemic.”

Members of each Peer Network will be able to put forward questions or issues that they are facing and support each other to develop practical solutions through a series of workshops.

Businesses will also receive one-to-one support and will be guided through the latest information on government support available to them as part of the COVID-19 recovery package.

“Being part of a Peer Network will not only provide a network of other business owners who can help you to steer your business through any issues you’re facing, it’s also about supporting each other’s wellbeing and mental health,” added Colin Bell.

“It can be lonely being the founder or a leader of a business of any size or sector, and a Peer Network can provide a sounding board and support network at one of the most challenging times many businesses have faced.”

Peer Networks are open to businesses that have been operating for at least a year, and had five or more employees, and a turnover of £100,000 or more prior to the pandemic.

Businesses can apply to join a North East Peer Network through the North East Growth Hub.